Vanguard Group Inc. Cuts Holdings in Hawaiian Electric Industries, Inc. $HE

Key Points

• Vanguard Group Inc. has reduced its stake in Hawaiian Electric Industries by 2.7%, now holding approximately 10.28% of the company, valued at around $194.25 million.
• Multiple institutional investors increased their positions in Hawaiian Electric Industries, with Janney Montgomery Scott LLC raising its holdings by 269.7% in the first quarter.
• Analysts have assigned Hawaiian Electric Industries a consensus rating of "Hold" with a target price averaging $11.94, though some firms have lowered their target prices recently.

Vanguard Group Inc. decreased its position in shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,740,114 shares of the utilities provider's stock after selling 491,855 shares during the period. Vanguard Group Inc. owned approximately 10.28% of Hawaiian Electric Industries worth $194,254,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC grew its position in shares of Hawaiian Electric Industries by 269.7% during the first quarter. Janney Montgomery Scott LLC now owns 67,720 shares of the utilities provider's stock valued at $742,000 after purchasing an additional 49,400 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Hawaiian Electric Industries by 123.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 88,172 shares of the utilities provider's stock worth $965,000 after acquiring an additional 48,792 shares in the last quarter. Rhumbline Advisers grew its position in Hawaiian Electric Industries by 1.1% in the first quarter. Rhumbline Advisers now owns 257,191 shares of the utilities provider's stock worth $2,816,000 after acquiring an additional 2,877 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Hawaiian Electric Industries by 41.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 82,070 shares of the utilities provider's stock worth $799,000 after acquiring an additional 24,247 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Hawaiian Electric Industries by 3.7% in the first quarter. Arizona State Retirement System now owns 49,470 shares of the utilities provider's stock worth $542,000 after acquiring an additional 1,771 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Hawaiian Electric Industries Trading Up 4.6%

NYSE HE traded up $0.5370 during trading on Friday, hitting $12.1770. The stock had a trading volume of 2,884,973 shares, compared to its average volume of 1,793,258. The company has a debt-to-equity ratio of 1.52, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -12.06 and a beta of 0.64. Hawaiian Electric Industries, Inc. has a one year low of $8.14 and a one year high of $13.18. The stock has a 50 day simple moving average of $10.88 and a 200 day simple moving average of $10.66.

Hawaiian Electric Industries (NYSE:HE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). Hawaiian Electric Industries had a positive return on equity of 10.76% and a negative net margin of 3.66%.The firm had revenue of $746.39 million during the quarter. Sell-side analysts predict that Hawaiian Electric Industries, Inc. will post 1.71 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays dropped their price target on Hawaiian Electric Industries from $11.00 to $10.00 and set an "equal weight" rating for the company in a research report on Thursday, July 10th. Jefferies Financial Group lifted their price target on Hawaiian Electric Industries from $11.00 to $11.25 and gave the stock a "hold" rating in a research report on Wednesday, May 28th. Finally, Wall Street Zen upgraded Hawaiian Electric Industries from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $11.94.

Hawaiian Electric Industries Profile

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.